Jeff Bezos, Michael Lipton, Elizabeth Warren discussed on Marketplace
Today, the 26th Day of Meghan's always have you along, everybody. This is a corporate news kind of day. Some days. You get economic indicators to start the program. Some days you get market news today. We got companies big companies to so let us just tick through the list here, shall we? Energy leads the way kind of surprising news out of ExxonMobil's annual shareholder meeting today took her symbol x O. M, by the way, turns out a hedge fund, a relatively small ish hedge fund. It called Engine number one. Which holds a very small slice of Exxon Mobil stock has convinced some other much bigger shareholders that they should put a couple of engine number one's candidates on that company's board of directors candidates that would, and this is the important part. Force Exxon to cut back on its fossil fuel strategy and investments and doom or about climate change. It sounds inside re I suppose a little bit of corporate governance, but it is a very big Deal also and related to court over in the Netherlands today ordered Royal Dutch Shell to cut its carbon emissions by 45% within the next nine years, which is basically like tomorrow in corporate time. All right. Moving on Big Wall Street Bank CEOs Wrong Capitol Hill today, virtually, of course, that is. It was about what you'd expect from one of those five witnesses, a dozen or more senators asking questions kind of hearings. Inflation is on their minds. It turns out nothing new there housings in a bit of a bubble, Nothing really new there, either That kind of thing, although should be said Elizabeth Warren, senator of Massachusetts did give JP Morgan CEO Jamie Diamond good going over about overdraft fees and the $1.5 billion J. P. Morgan collected of them in the past year and at Amazon's annual meeting A M. ZN, of course, Jeff Bezos said July 5th is going to be his last day as CEO. That was trick headline because it is not the Amazon News. Oh, the day after a week or two of rumors, the company said today it is going to buy MGM Studios for $8.5 billion that's all in with debt. Yes, it is a big ish mergers and acquisitions story. But as with so much other news of late, this is at least as much a tech story. So we have gotten Hollywood on the phone. She's the host of marketplace Tech when she's not busy doing my job when I'm sick. Hey, Molly. Okay, Well, you know, I appreciate you. I appreciate you coming in. So long, man. Yeah, it is a tech story and Tech and Amazon. It's got to be Amazon Prime, which is at the root of this deal, right? Absolutely. I mean, I think we would be mistaken. If we said this is Amazon's attempt to beat Netflix right or become Netflix. Certainly streaming video as a business model has more than proven itself. It's been interesting for a while that Amazon has made good shows clearly and created its own content for its Amazon video streaming service, but hasn't Tried to acquire a big library until now, And I think what this ultimately is is a very expensive way to get people in the door and want to pay for that prime subscription, which is where Amazon makes a lot of money and also maybe pay a little bit like we talked about on make me smart pay a little bit here and there to subscribe to other services like Showtime or Cinemax. I mean, Amazon doesn't tidy little business as almost a Leeds generator for other streaming services to write, Make me smart, Of course, the podcast that we do together should you be in the mood for a podcast listeners out there. We talked about the story of the morning meeting this morning, and I think Michael Lipton, actually, your producer said. It's about Stickiness for Amazon Prime, right? They want to get people in and give them just another reason to stick around. Forget the free delivery. Forget all that stuff. And maybe that 100 or so dollars a year ain't so bad if you get all these movies, too. Exactly And you have seen people sort of start to grumble about the price of prime going up as it has over the couple years. Then, if you on Lee, think of it as paying for free shipping, it does start to feel like well. Is this really worth it? I can get free shipping from target. It is not about e commerce. Prime is about the idea that once you have subscribed in your part of this ecosystem, you get all of these different benefits. And, you know probably yes, there's a little bit of Hollywood dabbling here. Also in the Amazon shareholder meeting today, Jeff Bezos, in addition to announcing his retirement date, said that they plan to use this MGM catalog and developed You know, intellectual property. New shows around it extended into new entertainment. Yeah, which is which is the name of the game. The AIP. So you said they're not competing with Netflix. Right? So, so Reed, Hastings and Ted Sarandos aren't necessarily nervous about this deal. Bob Iger, the executive chairman of Disney, but really functioning mostly is the chief executive officer is probably not nervous about this deal. What if you're like Peacock, who? Lulu Yeah. Then I think you really have to worry unless you can get a great deal for placement within Amazon Prime, you know, subscribed to Peacock Er, Hu Lu through Amazon Prime, and that is one of the ways that I think Amazon is trying to deflect some of the antitrust worries about this is by saying, Listen, we're not that big and streaming. We don't intend to be You know the only name in video streaming and look it of all of the ways that we offer consumers to subscribe to our competitors through our service. As long as they keep doing that, I think they hope they can keep the antitrust boogeyman off their backs. Molly, would she of many hats in this production shop? Thanks. Milly will talk to you soon. Thanks. God this afternoon, In fact on podcast Anyway, I'll be very good. Me too. All right. Moving on. You want to be an entrepreneur? You want to start a new business. You gotta have some guts and in no industry right now, I think you can fairly say are more guts required. And in commercial aviation. Which is why it's interesting..